November 22, 2024 12:13 pm
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Neiman Marcus sold to the Canada Pension Plan Investment Board and Ares Management for $6B

NeimanNeiman Marcus Group Inc. has been sold to Ares Management LLC and the Canada Pension Plan Investment Board for $6 billion, according to a release by the two organizations.

Fort Worth-based TPG Capital, Warburg Pincus LLC and Leonard Green & Partners LLP have owned the company since 2005, when they bought it for $5.1 billion. The sale is expected to be finalized in the fourth quarter.

Ares and CPPI will hold equal stakes in the Dallas-based retailer, and the company’s management will remain a minority shareholder.

Ares previously has invested in Floor & Decor, General Nutrition Centers, House of Blues, Maidenform Brands, Samsonite, Serta, Simmons, Smart & Final and 99¢ Only Stores.

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